Moody's assigns first time rating to Korean insurer

LONDON—Rating agency Moody's Investors Service has assigned a first-time insurance financial strength rating of A3 with stable outlook to South Korean non-life insurance company Meritz Fire & Marine Insurance Co Ltd.

Moody's said that the rating reflects MFM's strong market position and established franchise as one of the major non-life insurance companies in South Korea. It also stressed the group's stable profit margins and strong financial flexibility.